Three years on from the pandemic and the economy has yet to fully normalize and we are still dealing with the fallout. We continue to witness quirky behavioral shifts in consumption across many different sectors, including this past summer’s revenge spending on dining, travel, and entertainment, as well as overall activity in both the housing and automotive sectors. Like housing, autos are a highly cyclical and interest rate sensitive sector, and one that has a high multiplier impact across the rest of the economy.
In this Economics Weekly, we take a top-down snapshot of what’s happening in this space and what it might be telling us about the state of the economy.
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Richard de Chazal, CFA, is a London-based macro analyst covering the U.S. economy and financial markets.